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  • FIRST POST
    • Bigskies
    • By Bigskies 4th May 17, 8:12 AM
    • 54Posts
    • 228Thanks
    Bigskies
    Head out of sand time! 63k to zero!
    • #1
    • 4th May 17, 8:12 AM
    Head out of sand time! 63k to zero! 4th May 17 at 8:12 AM
    Hi,
    Have dithered for a while about this diary. I've lurked on and off this page for years, but never really done anything about our debt. It's been creeping up for the last ten years and I've now come to terms with, and got help for my depression that had, I think, led to most of it.
    Initially, my hubby lost his job, which started us on the path, but I wasn't working, and bored and depressed at home with three young children led to me spending, and spending, and spending.

    Once I went back to work, I still wanted nice things and to be honest over the last ten years we have had amazing holidays, three or so a year. We've travelled most of Europe, and Australia and Asia, but all on credit.

    So anyway, now we are sitting on a debt of 63.5k

    Our eldest two go to uni in two years, and currently we don't have enough spare cash each month to pay their accommodation costs, so need this under control.

    We are both working and together have a combined salary of just about 80k. We currently pay 1900/month in debt payments and the snowball calculators reckons 3 years to clear. We've cancelled all our further booked holidays and will be going camping in the summer in Dorset instead of the previously booked (and now cancelled) Tuscan villa.

    This diary will hopefully keep me on track. So, hello!
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
Page 3
    • enthusiasticsaver
    • By enthusiasticsaver 30th May 17, 9:15 AM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    Were the two loans debt consolidation loans?

    Clearing debt is depressing but you are tackling it in the right way and on the bright side you can see an end to it. 3 years is not a huge amount of time in the grand scheme of things and at that point providing you still have a similar income level you will have a lot of monthly money spare when the debt is gone.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Bigskies
    • By Bigskies 30th May 17, 9:42 AM
    • 54 Posts
    • 228 Thanks
    Bigskies
    Were the two loans debt consolidation loans?

    Clearing debt is depressing but you are tackling it in the right way and on the bright side you can see an end to it. 3 years is not a huge amount of time in the grand scheme of things and at that point providing you still have a similar income level you will have a lot of monthly money spare when the debt is gone.
    Originally posted by enthusiasticsaver
    Yes, of course they were. TBH they both cleared credit cards that were at stupid rates, and the loans were at low rates, so probably haven't done us too much damage, but I shall be so pleased when they are gone!
    And I know there is light at the end of the tunnel, and it's all my fault as I joined this site about six years ago but didn't stick at it, and the debt just rocketed.
    Part of the issue was that a very close family member emigrated to NZ about five years ago, she is really like my Mum (as I lost my mum ten years ago to an aggressive and horrific cancer.....which probably triggered the depression that led to the spending) and we've gone over to see her twice in that time as I really struggled without her, taking a family of five to NZ for a month at a time costs a fortune, so all went on cards.
    Anyway, what's done is done and I have to live with the decisions we made at the time, so now we have to sort it out.
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • enthusiasticsaver
    • By enthusiasticsaver 30th May 17, 10:16 AM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    Yes I thought they may be. Debt consolidation loans have their purpose but ONLY when combined with strict budgeting afterwards. You have obviously enjoyed some nice holidays so at least you can point to the debt and say this is what it paid for but eventually it all does have to be paid back which impacts on your present and future. Well done for tackling it now.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • enthusiasticsaver
    • By enthusiasticsaver 30th May 17, 10:21 AM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    You haven't put an soa up so doing that might help people to suggest ways to cut back. Also if your credit rating is still ok and you haven't defaulted anything have you moved as much of your credit card debt to 0% offers? On a high income you should find that easy to get good deals although the affordability thing may be an issue.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Bigskies
    • By Bigskies 30th May 17, 11:43 AM
    • 54 Posts
    • 228 Thanks
    Bigskies
    You haven't put an soa up so doing that might help people to suggest ways to cut back. Also if your credit rating is still ok and you haven't defaulted anything have you moved as much of your credit card debt to 0% offers? On a high income you should find that easy to get good deals although the affordability thing may be an issue.
    Originally posted by enthusiasticsaver
    I know. Currently not going to, as our budget is as tight as I'm prepared for it to go right now, leaving us with any quality of life.
    I've lurked on here for a number of years, know what the key trigger points are, and have dealt with them, but I'm not quite at the point where I'm ready to let people pore over our finances to find a quid or two.
    Our issue is that we pay nearly two grand a month to service our debt. We can afford it, just, but it doesn't leave money for fun, which is what the problem has been. I accept there's no room for fun, I just don't much like it!
    I do need to stick to our budget though as still find myself thinking that spending 30 on a takeaway is okay, then remember it's half of ur weekly food budget, so actually not okay right now.
    I am mostly consoling myself with planning a wonderful trip for when we are debt free, that we will be able to pay for with cash instead of credit.
    Credit rating is probably not too bad, we have several cards on 0% right now, and when they end will have a go at applying for another one. No defaults at all.
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • enthusiasticsaver
    • By enthusiasticsaver 30th May 17, 12:31 PM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    Can you move the Next card to 0%?
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Bigskies
    • By Bigskies 30th May 17, 12:34 PM
    • 54 Posts
    • 228 Thanks
    Bigskies
    Can you move the Next card to 0%?
    Originally posted by enthusiasticsaver
    No room on the cards at the moment and you can't do a BT to Next anyway, only cash transfer. That's our priority debt so paying mins on everything and chucking the (small) surplus at Next.
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • Bigskies
    • By Bigskies 30th May 17, 12:48 PM
    • 54 Posts
    • 228 Thanks
    Bigskies
    Can you move the Next card to 0%?
    Originally posted by enthusiasticsaver
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for 2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver!
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • Cherryfudge
    • By Cherryfudge 30th May 17, 3:21 PM
    • 587 Posts
    • 1,778 Thanks
    Cherryfudge
    I remember seeing a challenge once: 'Think of 10 ways to raise money'. At first it seems impossible (if you leave aside robbing a bank, winning the lottery etc.) but actually no. Ebay and car boot sales aren't limited to clutter clearance (can you make greetings cards/jam/grow plants?). Can you get a letter or an article or short story published? Can you upcycle clothes or furniture? Can you forage? Do you have a skill that others may not have? I'm sure there are ideas on the boards and also sure you will have explored many already!

    Of course, doing somehow magically more than you already are is demanding and there isn't always time or energy, and being in it for the long haul is hard work. It does sound as though your ebaying is going well so you must have sales skills! I hope you can keep focussed because as you say, when you get there, you will have all that extra money to enjoy, and none of this hard slog.
    • enthusiasticsaver
    • By enthusiasticsaver 30th May 17, 3:48 PM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for 2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver!
    Originally posted by Bigskies
    That is a great start. 30 months is a decent term too. At least you now know all your repayments are going towards your debt and no pesky interest.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Cherryfudge
    • By Cherryfudge 30th May 17, 3:53 PM
    • 587 Posts
    • 1,778 Thanks
    Cherryfudge
    Scrub that. You are a bloody genius! Had a look on uswitch and saw that Hfx are offering a 30 months 0% on purchases card. I'd discounted them because we bank with them and have a card, but forgot that it's hubby's. So have applied and been accepted. Asked for 2k, they've offered 4.5k, so can pay off Next and possibly something off next highest card too, with nearly the whole term of our DF journey covered at 0%. I think I love you, enthusasticsaver!
    Originally posted by Bigskies
    I missed this when I just posted - excellent move!
    • Bigskies
    • By Bigskies 31st May 17, 6:55 PM
    • 54 Posts
    • 228 Thanks
    Bigskies
    Quiet day today, still recovering from last weekend! We're out for the days Friday and Saturday, so just enjoying a couple of relaxing days at home really. Sold a couple of bits on EBay, after postage cleared about twenty five pounds, so okay for a day's work and will cover fuel for the weekend.
    Am going to relax in tonight and binge watch some Line of Duty.....we saw the last series on the TV having not seen any of the others, and loved it, then found a box set of the first three series in a charity shop for 2 so are working our way through! It's so far provided about six nights entertainment, and will finish tomorrow I think, so eight nights for two quid works out at 25p a night -bargain!
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • enthusiasticsaver
    • By enthusiasticsaver 31st May 17, 6:58 PM
    • 3,994 Posts
    • 7,168 Thanks
    enthusiasticsaver
    Line of duty is brilliant. I have only seen the last two on TV. Will need to put the first two series on my amazon wish list or check out charity shops.
    Countdown to early retirement on 31.12.17 4.5 months to go.
    • Hiddenidenity
    • By Hiddenidenity 31st May 17, 9:00 PM
    • 4,428 Posts
    • 18,026 Thanks
    Hiddenidenity
    I loved line of duty. Waiting for the next series on netflix

    Remember to close your next account once paid so you can't be tempted with the 'odd' thing good news on the 0%
    DFW 953.71/7348.71 Rent Arrears 391.28/3381.28

    June 17 PA 121.25 + 70 Cash + 50 Amazon
    July 17 PA 259.95 + 25 Cash + 65 Amazon
    August 17 PA 98.93 + 53.65 Cash + 75 Amazon
    • Bigskies
    • By Bigskies 1st Jun 17, 9:25 AM
    • 54 Posts
    • 228 Thanks
    Bigskies

    Remember to close your next account once paid so you can't be tempted with the 'odd' thing
    Originally posted by Hiddenidenity
    Yes, been there done that before.
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • Hiddenidenity
    • By Hiddenidenity 3rd Jun 17, 2:41 PM
    • 4,428 Posts
    • 18,026 Thanks
    Hiddenidenity
    Yes, been there done that before.
    Originally posted by Bigskies
    Me too

    Hope you're having a nice weekend
    DFW 953.71/7348.71 Rent Arrears 391.28/3381.28

    June 17 PA 121.25 + 70 Cash + 50 Amazon
    July 17 PA 259.95 + 25 Cash + 65 Amazon
    August 17 PA 98.93 + 53.65 Cash + 75 Amazon
    • Bigskies
    • By Bigskies 5th Jun 17, 6:34 AM
    • 54 Posts
    • 228 Thanks
    Bigskies
    It's been a lovely half term week, but back to earth with a bump now and back to work today.
    I'm currently working out my notice and have another four weeks to go then I'm moving to a new job, so on countdown now!
    I'm mildly concerned about the change of job moneywise as know it's always tricky with emergency tax and getting salaries paid properly, and with our budget being so tight we can't afford to have my pay messed up, but I shall just have to hope it goes smoothly! We don't have a cushion though, so keep everything crossed for me. I am doubling my commute but picking up a fairly decent pay rise, so hopefully will still be in profit after paying out for extra fuel and car stuff.
    Other than that, limited money saving this week, sold a couple of bits on FB, but had to also buy a few bits, so no real gain. Next lot of payments are all going out now, so I'm consoling myself that the numbers are going down, but I'll only tot up properly once a month.
    The new card should arrive today or tomorrow, so hopefully the Next account will go in the next couple of days onto 0%, so that will be good!
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • Bigskies
    • By Bigskies 9th Jun 17, 9:48 AM
    • 54 Posts
    • 228 Thanks
    Bigskies
    Things remain relatively quiet here, plodding along trying to keep within the budget, spend less, pay off more, sell a few bits and bobs. Things are still selling on eBay in dribs and drabs; have probably made about 50 this week after postage, but have had a few extra expenses with kids school things, so breaking even.
    Have paid off the Next account as it stands, there's a few bits to go out as eldest boy informed me yesterday he needs sixth form uniform for NEXT WEEK, not September, so had to buy him a suit in a rush. Once the extra appears on the account it will go onto the 0% card though, so it's fine. Then once that's all done, the account will be closed and I'll actually have to physically go to clothes shops..... Still, it will stop me buying stuff that doesn't fit me, and keeping it....over the years I don't want to think about the number of Next things I've bought , in the sale, and eventually taken to the charity shop with the tags still attached.
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
    • Cherryfudge
    • By Cherryfudge 9th Jun 17, 12:49 PM
    • 587 Posts
    • 1,778 Thanks
    Cherryfudge
    I suppose, post-GCSE, they start them in on 6th Form ASAP? Shame they couldn't just let them turn up in what they've worn so far, though. After all, there might be youngsters whose plans will change.

    If you find any more of those Next items still with tags, you can always add them to eBay: I would imagine they would sell well. My selling has ground to a halt for now: no two weeks the same makes it harder to plan listing/posting.

    Just had a thought - one advantage of buying a suit for your DS - at least he's probably past the stage where they skid everywhere on their knees and ruin school trousers in no time!
    • Bigskies
    • By Bigskies 9th Jun 17, 2:22 PM
    • 54 Posts
    • 228 Thanks
    Bigskies
    I suppose, post-GCSE, they start them in on 6th Form ASAP? Shame they couldn't just let them turn up in what they've worn so far, though. After all, there might be youngsters whose plans will change.

    If you find any more of those Next items still with tags, you can always add them to eBay: I would imagine they would sell well. My selling has ground to a halt for now: no two weeks the same makes it harder to plan listing/posting.

    Just had a thought - one advantage of buying a suit for your DS - at least he's probably past the stage where they skid everywhere on their knees and ruin school trousers in no time!
    Originally posted by Cherryfudge
    Yes, into sixth form for induction and as prefects.
    Agree about the no skidding thing, however still growing like a weed so am buying extra long trousers and will wundaweb the hems up for a bit if I need to!
    April 2017 63,500 May 2017 62235.52
    Priority #1 Next Account 2300 2267
    Percentage of total debt paid 1.99% paid
    NSD May 3/6 Make 10/day May 697/310 2 Savers Club #38 (for Xmas 2017)
    PAYDBX 2017 0
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